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Question

With compound interest, a sum of money amounts to Rs. 1,452 in 2 years and Rs. 1,597.20 in 3 years. What is the rate of interest per annum?


A
9%
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B
12%
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C
10%
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D
None of these
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Solution

The correct option is A 10%
Suppose $$principal =Rs. P$$ and $$rate =R$$%
Given $$A = Rs. 1 ,450$$ for $$N =2$$
$$A = Rs. 1,597.20$$ for $$N =3$$
$$\therefore P\left (1+\frac {R}{100}\right )^2=1,452$$
$$P\left (1+\frac {R}{100}\right )^3=1,597.20$$
Dividing (2) by (1), we get
$$1+\frac {R}{100}=\frac {1,597.20}{1,452}$$
$$\frac {R}{100}=\frac {1,597.20}{1,452}-1=\frac {145.20}{1,452}=10$$%

Mathematics

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